Bentonville, Ark.-based Walmart has entered into an agreement to acquire consumer electronics company Vizio Holding Corp. (Costa Mesa, Calif.) for $2.3 billion, according to Progressive Grocer. The mass merchant is reportedly hoping to combine Vizio’s advertising services business with its own reach to strengthen the growth of Walmart Connect, the mass merchant retailer’s media network business.
“Our media business, Walmart Connect, is helping brands create meaningful connections with the millions of customers who shop with us each week,” says Seth Dallaire, EVP, Chief Revenue Officer, Walmart. “We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment.”
William Wang, CEO of Vizio, says, “Walmart’s approach is aligned with Vizio’s mission and vision, and our technology will help bring a scaled, connected TV advertising platform to Walmart Connect. This transaction delivers immediate and compelling value to Vizio stockholders and is a true testament to the hard work of the entire Vizio team.”
Walmart Connect grew 30 percent for the fiscal year; its main service is offering sellers and suppliers a range of opportunities to meet customers on various channels.